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BREAKING NEWS
Beyond having a sound trading plan and adhering to sound money management principals, there are a few things that can help you to make more informed trading decisions. My recommendation is to be connected to a live audio or visual financial news service at all times whilst trading. The Bloomburg service is generally considered to be the best, but I think it is rather expensive, at around $1700 per month. The news service that I personally use is Trade The News. It costs around $175 per month and I consider it to be an excellent service. They offer a free trial period so that you can discover if it is helpful to you or not.
Here is a link to the free trial: http://www.tradethenews.com/freetrial.php?mbot Use the coupon code: MBOT06
So how should you use this service? I am not advocating trying to trade the news releases as this is a highly specialized type of trading, in fact it is my recommendation that you do not trade at news release times. By having a live financial news service, you will be made aware of anything that might affect the trades that you are either in or considering making. You will also hear unexpected breaking news as it happens. This can be very advantageous. Imagine that you had entered a long position (buy) on the EUR/USD. The trade is progressing nicely when suddenly news hits the wires that the president of the ECB has unexpectedly resigned. If you react quickly enough and close your trade, you may still walk away in profit, whereas a few moments later your trade would have hit your stop loss (this is of course hypothetical). There are many breaking news items every week that affect your trading. If you do not hear about them AS THEY HAPPEN you will not be in a position to benefit or protect yourself from them. You will of course be able to listen to the scheduled fiscal releases as they are announced, and with this service you will be warned well in advance that a news scheduled release is to be made. One word of caution about listening to the financial news service. Do not take any of the general market “chatter” that you hear as advice. You might hear for example that an option barrier at 1.2750 on the EUR/USD will be heavily defended. Whilst it might well be heavily defended, there is no guarantee that the defence will succeed. It is useful to be aware of this information, but stick to your own trading plan. |
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Contact Us: info@stealthforex.com |
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